May 11, 2024
7:02:02am
7:02:02am
When I pay my mortgage online each month, there's a box for additional priciple
You need to make sure your extra money is going towards the principle, not just the loan at large (i.e. considered early payment of a future month).
The interest each month is based on the balance of the loan. So by paying down the balance (principle), it then makes a greater percentage of the monthly payment principle and less interest.
The interest each month is based on the balance of the loan. So by paying down the balance (principle), it then makes a greater percentage of the monthly payment principle and less interest.
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